BREAKING: Anti-Corruption Agency, EFCC, Storms NOVA Bank to Arrest Financial Institution Chairman, Oduoza, Managing Director, Ude Over Alleged Fraud

Officers from the Economic and Financial Crimes Commission (EFCC) are currently at the head office of NOVA Merchant Bank Limited to arrest the institution’s Chairman, Phillips Oduoza and its Managing Director/Chief Executive Officer, Nath Ude.

NOVA Bank is a premier merchant bank in Nigeria that offers an integrated suite of financial solutions spanning wholesale banking, investment banking, asset management, securities trading, wealth management, commercial services, transaction banking, cash management and digital banking.



Sources told SaharaReporters that EFCC officials stormed the bank’s head office at 23 Kofo Abayomi Street, Victoria Island in Lagos on Friday at noon to pick up Oduoza and Ude.

The duo are reportedly being investigated following a petition from a staff member who accuses them of fraud, tax conversion and back and forth in dollars.

“EFCC is at NOVA bank to recover the president and the general manager on the fraud. They are under investigation because a staff member wrote a petition about tax conversion fraud, back and forth to dollars,” a worker told SaharaReporters.

the foreign exchange market, such as the Central Bank of Nigeria (CBN), is committed to deal decisively with the perpetrators.

Godwin Emefiele, governor of the in September 2021, said the apex bank would continue to restrict the activities of illegal forex traders, advising banks to strictly adhere to CBN guidelines on currency sales.

Emefiele also said the CBN would hunt Nigerians who buy foreign currency for personal travel and later cancel such trips.

He warned bank customers involved in such fraudulent practices to refrain.

“People buy currency from banks with PTA/BTA and cancel the flight later. We will find them and they will have to give change,” Emefiele said.

Oduoza, with around 30 years of banking experience, is the Founder and Chairman of the Board of Nova Merchant Bank Limited. He retired as global CEO of UBA Group and was part of a small team that launched and established Diamond Bank Plc in the early 90s.

The bank announced the appointment of Ude as Chief Executive Officer/Interim Chief Executive Officer effective October 3, 2020.

Ude was Executive Director of First City Monument Bank (FCMB) and later Executive Director of Union Bank, from where he joined NOVA. He started his banking career at Citibank.

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